It is not possible to change your IVA Company. However there are various different options you can consider if you are unhappy.

Included in this article:

• If you are unhappy can you just stop your IVA?
• Can you start a new IVA with a different company?
• Can you change to a different debt solution?

Unhappy with your IVA Company? Give us a call (0800 077 6180) or complete the form below to discuss your options

If you are unhappy can you just stop your IVA?

Once you have started an IVA it is not possible for you to change the company managing it.

That said, if you’re unhappy and feel you simply can’t continue with the Arrangement, you can stop it and do something else.

An IVA can be stopped at any time. You just need to let it fail. It is possible to do this by cancelling your monthly payments.

You should tell your IVA company that you want them to terminate the agreement. They may try to change your mind, but ultimately there is nothing they can do to stop you.

Remember, a considerable amount of your debt is likely to remain outstanding. You will therefore need to have a plan in place for managing it going forward.

It is extremely unlikely that your IVA company will make you bankrupt (unless this was written into your IVA agreement as a requirement). They will probably leave it up to you to decide what to do next.

Struggling to get your head round all of this? We can help. Call us (0800 077 6180) or complete the form below. The advice is free and confidential.

Can you start a new IVA with a different Company?

After your old Arrangement has failed, you may consider starting a new IVA. There is nothing to stop you doing this if you wish.

You can pick a different IVA company that you feel more comfortable with. They will take a fresh look at your situation and can draft a new proposal that is better suited to you.

You should not be concerned that your creditors will not accept a second IVA proposal from you. In general they will as long as the new proposal is reasonable and the reason for any changes properly explained.

Starting a new IVA will mean starting your payments again from month one. All the payments you made previously will be lost.

Can you change to a different debt solution?

Starting a new IVA with a different company may not the most suitable solution for you. Before making a decision, you should also consider either a debt management plan or going bankrupt.

If you are a home owner, a debt management plan might be a sensible option. This will give you more flexibility than an IVA. However, given all the money you owe has to be repaid, it could take a long time to become debt free.

Where you do not own a property, going bankrupt could be an ideal option. If your income is low or you are on benefits, you make not have to make any further payments towards your debts.

If you do have a surplus income, you will only have to make monthly payments for 3 years.

However, before deciding to go bankrupt, you need to consider other implications such as what happens to you car and pension.

If you want to change your IVA company and need advice about what to do, give us a call (0800 077 6180) or complete the form below. It’s free and confidential.